Cash auctions in Arizona are a lot of fun, whether you're laying down bids or just watching the action. If you've never been to an auction before, you may just want to attend as a spectator in order to get a feel for how it takes place. You'll enjoy an exciting atmosphere as the deals tend to fly at a rapid pace. You can get great discounts at cash auctions in Arizona, but it does take some planning and strategy. Consider these tips before laying down any cash at a cash auction in Arizona.
Start by Observing
Always attend a few auctions as an observer just so you understand the process. You'll get an idea on how the bidding process works, so you can avoid making any costly mistakes. It pays to know what you're getting into before spending any money at Arizona cash auctions.
Always Attend Auction Preview
If you don't attend the previews for cash auctions in Arizona, you never know what you are buying. Most previews are held a few days before the auction, though some may be held as early as a few hours before hand. It is open to the public and free of charge. Use the auction preview as an opportunity to check out the merchandise up close. Plug it in. Handle it. Try it out.
If you've got a few days, you may want to research the merchandise online. Read reviews and check out the going price. It may be helpful to take an iPhone or other mobile phone that has Internet access so you can do some quick fact checking just before the auction.
Learn Auction Lingo
You should know a few terms often used at Arizona cash auctions. A "pre-sale estimate" is made by the auction house based on past experience. It's the price they expect the item to sell for, though the actual price will depend on the competition of the bidding process. The "provenance" lists the history of the merchandise in a detailed list of past owners. While this information isn't always available, it can be an interesting thing to know. If you are buying automobiles, this is vital information.
The "start price" is the price the Arizona cash auctions will begin at in order to protect the seller from too low a bid. Some buyers also set "reserve price," which is the lowest price they are willing to accept. The "hammer price" is the price that is decided upon when the auction is completed and the auctioneer's gavel comes crashing down.
Keep Your Cool During Bidding
Arizona cash auctions understandably get exciting, but it's important to keep a cool head. Estimate what you think the item is truly worth. Definitely set a maximum bid, and don't be tempted to go above it. The only way to really enjoy the savings of auctions is to know when to quit. Some items have just too much demand to get a good price. Know when to bid, and when to hold back. Don't let the adrenaline get away from you. Recognize a deal when you see it.